English: Category:JPMorgan Chase (Photo credit: Wikipedia)
Here is what we are reading today:
JP Morgan In Mortgage Settlement Talks That Could Mean Fine of $11 billion (Bloomberg) - JPMorgan Chase & Co.’s negotiations with federal and state authorities to resolve a series of investigations tied to mortgage bonds is focusing on a potential $11 billion figure, including $4 billion for consumer relief, a person familiar with the talks said.
Madoff's Screw Sculputure Kept From Trial Proceedings (Bloomberg) - Prosecutors at the trial of five ex-employees of Bernard L. Madoff were barred from telling jurors about a sculpture of a screw their boss kept in his office after defense lawyers said the evidence would be crude.
In SEC Settlement with JP Morgan On London Whale Trade, Missed Opportunity To Charge Execs (DealBooK) - The S.E.C. wrung an admission of wrongdoing out of the bank, and the regulators scored a large settlement. It’s an improvement for a regulator to display the ferocity of a mealworm, rather than a banana slug, but let’s hold the celebrations until it reaches at least the level of a garter snake. The admission was nice, but the S.E.C. did not charge any top executives with misleading disclosure. Why not?
ICAP To Pay $87 Million Fine in Libor Case (DealBook) - American and British authorities moved a step further on Wednesday in their investigation into the manipulation of the benchmark interest rate known as Libor, fining the British financial firm ICAP a combined $87 million for its role. The regulators said on Wednesday that ICAP’s employees had altered the reported figures from which Libor is compiled, in exchange for promises of curry meals, steaks, a Ferrari and financial payments.
Ex West Virginia Mine Boss Say He Was Scapegoat (SF Chronicle) - A former superintendent in prison for his actions at the Upper Big Branch mine says his lawyer was ineffective, had conflicts of interest and made him a scapegoat for the 2010 disaster that killed 29 coal miners to help protect former Massey Energy executives from prosecution. Gary May has asked a judge to set aside or change the 21-month sentence he's now serving at the Federal Correctional Institution at Morgantown. U.S. Magistrate Clarke VanDervort hadn't scheduled a hearing as of Tuesday afternoon.
Michael Douglas Slams Bureau of Prisons (Contact Music) - Michael Douglas focussed on his family when giving his acceptance speech at the Emmys. The 68-year-old actor won the award for Outstanding Lead Actor in a Miniseries or a Movie in L.A. on Sunday 22nd September. Not only did he mention his estranged wife Catherine Zeta Jones; but he referenced his imprisoned son Cameron.
Oregon Man Pleads Guilty To Fraud In Deadly Helicopter Crash (Washington Post) - An Oregon man has pleaded guilty to fraud in connection with the deadliest helicopter crash involving working firefighters in U.S. history. Levi Phillips, 46, of Grants Pass faces up to 20 years in prison when he is sentenced in April. As part of a plea deal, he agreed to testify against another man, 42-year-old Steven Metheny of Central Point.
The Case Of The Honey Launderers (Business Week) - Excellent case study on fraud involving the control of our food in the U.S. Two young execs in Chicago were hung out to dry by the German company they worked for .... moving illegal honey into the U.S.